Great Nigeria Insurance Plc has paid more than N3 billion in claims as part of efforts to rebuild customer confidence and restore business relationships following years of outstanding obligations.
The insurer said the settlement forms a key part of its turnaround strategy under a reconstituted board and executive management, with renewed emphasis on claims payment, operational efficiency and stronger relationships with insurance brokers.
Delayed claims settlement has remained a major challenge to public confidence in Nigeria’s insurance industry, with concerns over insurers’ ability to honour contractual obligations often discouraging individuals and businesses from purchasing adequate cover. GNI’s latest move seeks to address this challenge by clearing legacy claims and improving service delivery.
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The company disclosed the payments during its “GNI Reloaded” brokers’ fora held in Ibadan and Lagos, where it engaged industry intermediaries on its claims settlement record, revised procedures and plans to rebuild its market presence.
According to the insurer, brokers who attended the meetings verified the settlement of outstanding claims involving their clients, while some expressed renewed willingness to channel new business to the company.
The engagement also provided an opportunity for GNI’s management to outline measures aimed at preventing a recurrence of claims backlogs and improving its underwriting and claims processing operations.
As part of these measures, the company has introduced a 48-hour turnaround time for processing and paying claims supported by complete and verified documentation. Under the arrangement, payment authorisation is expected within 48 hours after the required documentation and verification by loss adjusters have been completed.
GNI said the new timeline is supported by changes to internal approval procedures and digital workflows designed to improve efficiency and reduce delays in claims processing.
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The effectiveness of the reforms will be critical to sustaining the confidence generated by the N3 billion settlement, particularly as brokers and policyholders assess the company’s ability to meet future obligations consistently.
For insurers, claims payment remains central to customer retention, broker relationships and market development. While clearing outstanding liabilities can help repair damaged relationships, sustained improvement in service delivery is essential to translating renewed confidence into new business.
GNI said it would continue engaging insurance brokers as part of its efforts to strengthen partnerships and rebuild its position in the market. The next “GNI Reloaded” forum is scheduled to hold in Abuja in November 2026.
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Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.
